GPF Rules for Advances and Withdrawals by Employees

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GPF Rules for Advances and Withdrawals by Employees

GOVERNMENT OF INDIA
MINISTRY OF PERSONNEL, PUBLIC GRIEVANCES AND PENSIONS
(DEPARTMENT OF PENSION AND PENSIONERS’ WELFARE)
LOK SABHA

UNSTARRED QUESTION NO. 6315
(TO BE ANSWERED ON 12.04.2017)

GPF RULES

6315. DR. SUNIL BALIRAM GAIKWAD:
KUNWAR HARIBANSH SINGH:
SHRI S.R. VIJAYAKUMAR:
SHRI T. RADHAKRISHNAN:
SHRI GAJANAN KIRTIKAR:
SHRI BIDYUT BARAN MAHATO:

Will the PRIME MINISTER be pleased to state:

(a) whether the Government has announced several relaxations in General Provident Fund (GPF) Rules particularly relating to advances and withdrawals by the subscribers/employees recently;

(b) if so, the details thereof along with the aims and objectives thereto;

(c) whether the Government proposes to allow employees to withdraw their GPF and invest in equity market and other commercial activities in view of their future retirement plan and if so, the details thereof;

(d) whether the Government also proposes to increase the interest rate for GPF in parity with EPF; and

(e) if so, the details thereof and if not, the reasons therefor?

ANSWER

Minister of State in the Ministry of Personnel, Public Grievances and Pensions and Minister of State in the Prime Minister’s Office. (DR. JITENDRA SINGH)

(a) & (b): Yes Madam. With effect from 7th March 2017, Government has simplified and liberalised the conditions for taking advance from the fund by the subscribers for education, illness, purchase of consumer durables. Conditions and procedures for withdrawal from the fund for the purpose of education, illness, housing, purchase of motor vehicles etc. have also been liberalised. No documentary proof is required to be submitted now for advance and withdrawal applications. A simple declaration by the subscriber is sufficient. A time limit for sanction and payment of advance/withdrawal has also been fixed.

(c): No Madam.

(d) & (e): There is no proposal under consideration of Government to increase/link the rate of interest on GPF at parity with that of EPF. The interest rates on EPF are decided on the recommendations of the Central Board of Trustee (EPF) taking into account the yearly income from the investment made by EPFO. The GPF interest rate is presently fixed at par with that of PPF interest rate.

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